A vintage car passes in front of the Four Points by Sheraton hotel in Havana recently. American hotel giant Starwood has begun managing this hotel owned by the Cuban government, opening one of the biggest holes in the U.S. trade embargo on Cuba since Presidents Barack Obama and Raul Castro declared detente in December 2014. less

A vintage car passes in front of the Four Points by Sheraton hotel in Havana recently. American hotel giant Starwood has begun managing this hotel owned by the Cuban government, opening one of the biggest holes ... more

Photo: Ramon Espinosa / Associated Press

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Amid uncertain future, Stamford-based Starwood records loss

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STAMFORD — Sustaining significant charges from several major deals including its merger with Marriott International, Stamford-based Starwood Hotels and Resorts Worldwide recorded a second-quarter loss of $263 million, according to its latest earnings report released Tuesday.

The bottom line reflected a loss of $228 million on discontinued operations related to the spin-off of its Vistana vacation-ownership business to Interval Leisure Group. Some $15 million in costs related to Marriott’s acquisition of Starwood also contributed to the loss.

The loss compared to a profit of $136 million in the same period a year earlier.

Starwood, which has a portfolio of some 1,300 hotels worldwide, posted total revenues of about $1.25 billion — about the same as its second quarter total from 2015. Not including the loss from discontinued operations, the company recorded an operating profit of $181 million in the past quarter, compared with a total of $165 million in the second quarter of 2015.

In the past quarter, the company signed 120 hotel management and franchise contracts, covering about 21,000 rooms. Among its major launches, it opened the Four Points Havana, its first hotel in Cuba.

“Across virtually every measure that matters to our business, we delivered on or exceeded our goals,” Starwood CEO Thomas Mangas said in a statement. “Our hotel openings to date are 15 percent ahead of last year, and our net rooms growth remains in our target of 4 to 5 percent. Developer demand for our brands is strong, and with the record 120 contracts representing 21,400 rooms we signed this year, our pipeline increased nearly 12 percent.”

Starwood’s earnings report did not address Starwood’s future in Stamford after the merger with Marriott is completed. The deal, which has been valued at approximately $12 billion, was approved in April by shareholders of Starwood and Marriott.

The merger is expected to close this summer, according to Starwood officials.

“The vast majority of Starwood’s Stamford-based corporate team will continue on with the combined company through at least year end, with some teams scheduled to remain beyond that time,” Starwood spokeswoman Carrie Bloom said in an email Tuesday. “Therefore, we expect the Stamford office to be open for an extended period of time post-close.

“Ultimately, as with any merger, there may not be an opportunity for everyone, but we believe that many Starwood associates will find opportunities with the combined company going forward.”

Since moving its headquarters in 2012 to Stamford from White Plains, N.Y., Starwood has grown into one of Stamford’s largest corporate employers. Based at 333 Ludlow St., also known as One StarPoint, in the city’s South End, the company now employs 700 in Stamford.

City officials have said that they hope that the company would maintain at least some staff in the city, including in the digital marketing and IT divisions.

Marriott is looking for a new headquarters in the Washington, D.C., area. It is now based in Bethesda, Md., where its headquarters lease runs until 2022. About 4,000 Marriott employees are based in Bethesda and in satellite offices in the surrounding area.

“We anticipate retaining a vast majority of Starwood associates at close (of merger) for the foreseeable future,” said Marriott spokesman Thomas Marder. “We will continue to assess our business needs going forward.”